Skip to main content

CBN targets top bankers in forex manipulation investigation




The Central Bank of Nigeria is watching closely the activities of top officials of commercial banks allegedly involved in illegal foreign exchange transactions.

It was learnt that the illegal forex activities of some top bank officials were frustrating the CBN’s efforts aimed at converging the official and parallel market rates of the naira.



This, industry sources said, were being carried out through some insider-related forex dealings.

According to findings by our correspondent, some top bank officials who own Bureau De Change outfits are using the outlets to frustrate the central bank’s policies aimed at increasing forex supply into the forex market.

It was further learnt that aside this, top commercial bankers were involved in other illegal forex practices.

While the investigation is still ongoing, it was learnt that the apex bank management was determined to wield the big stick against culprits caught in any sharp practice.

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, could not be reached for immediate comment.

Calls made to his line were not responded to.

Okorafor had, however, said the central bank was ready to deal with any operator found to have violated the regulator’s extant guidelines.

The CBN spokesman had last week said the regulator was monitoring bankers over the SME forex window.


He vowed that the bank would take necessary action and apply sanctions on errant institutions, where necessary.

Comments

Popular posts from this blog

Music: Rhythm - Favour mp3

Richard Adebayo as known by his stage name "Rhythm" is a Port Harcourt based artist, and one of the city's fastest rising artists. After dropping three hit singles, “Condo, Roll up and Wait", he has come with another hit single titled “Favour".

Download and enjoy.

Download Song

Music: Ken Brian - Ladie_Tush

Fast rising Rap act KEN BRIAN after given a merciless treat to his own panda version is out with another madt  tune titled LADY TUSH.

The hip hop love tune was produced by award winning producer Ayeboy.

Download. Enjoy and please share.

DOWNLOAD

Ajayi Crowther University Management, Takes Fresh student's On An In-Campus Tour

The management of the Ajayi Crowther University Oyo, has taken all its newly admitted students on an in-campus university tour.

Taking the newly admitted students on the tour was a staff of the university's student affairs, Pastor Gideon Mobolade. Pastor Gideon, who took the fresh students round the university on Friday, 22nd september 2017 showed the students buildings of the university which has added great values to the university.

Among the buildings where: the busary, office of the student affirs, office of the vice chancellor, office of the registrar and all the university faculty buildings.

Also speaking during the tour, was the Registrar of the university, Mrs Adenike Fatogun. Mrs adenike who urged all fresh students of the university to be of good conduct, as the university will deliver to them all that they've come to seek from the university, and that there coming to the university will never be a waste.